The Figure Above Shows Supply and Demand in the Market

question 247

Multiple Choice

The figure above shows supply and demand in the market for labor. The government introduces a minimum wage of $7 per hour.
-The figure above shows that the value of the resources used in job-search activity can be as large as ________ per hour.

• A) $12,000
• B) $8,000
• C) $6,000
• D) $4,000
• E) $2,000

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Definitions:

Edmund Burke

An Irish statesman, author, orator, political theorist, and philosopher, who served as a member of parliament in England between 1766 and 1794, and is known for his support of the American Revolution and his opposition to the French Revolution.

Slavery

The practice or system of owning individuals as property and forcing them to work without pay.

Liberty

Enjoying a state of freedom in a society where authority-imposed restrictions on lifestyle, behavior, or politics do not exist.

Loyalists' Exile

Loyalists' Exile denotes the period following the American Revolution where individuals loyal to the British crown, known as Loyalists, were forced to flee the newly independent United States, many resettling in Canada, Britain, or the British Caribbean.